Stay away to time to buy?
The Nifty seems to have turned around from its uptrend: today was a bad day for the market with four Nifty stocks touching fresh 52-week lows.
The Sensex lost 375 points intraday but some recovery in late trade helped the market to cut losses and end with a loss of 266 points. The Nifty also managed to hold 9,800 level on late recovery, down 87.80 points to 9,820.
was also close to its 52-week low.
Tata Motors fell below Rs 400 level and ended at 15-month closing low, down 8.60 percent at Rs 380.90 as analysts cut earnings estimates post dismal performance in June quarter.
Sun Pharma has been under pressure after disappointing Taro numbers and ahead of its earnings on August 11. A CNBC-TV18 poll expects profit in Q1 to fall 44 percent YoY. The stock was down 3 percent today.
Dr Reddy's Labs lost 4.77 percent after its Bachupally plant in Hyderabad was not renewed by the German regulator post inspection. Hence, the plant will not be allowed to supply to Europe until next inspection. In fact, its Q1 numbers also disappointed the street.